US STOCKS-Wall St rallies as oil holds on to gains

viernes 11 de marzo de 2016 12:33 GYT
 

* U.S. crude prices up 1 pct

* Ulta Salon up after qtrly sales beat estimates

* Indexes up: Dow 0.99 pct, S&P 1.1 pct, Nasdaq 1.29 pct (Adds details, changes comment, updates prices)

By Abhiram Nandakumar

March 11 (Reuters) - Wall Street rallied on Friday as steadying oil drove energy shares, putting the major stock indexes on track for their fourth straight weekly gains in more than four months.

U.S. crude pared some of their gains, but were up more than 1 percent after the International Energy Agency said oil prices might have bottomed as output in the United States and other non-OPEC countries was beginning to fall quickly.

Investors also took a positive view of European Central Bank's new stimulus package unveiled on Thursday, despite ECB President Mario Draghi signaling an end to further rate cuts.

"There's an incredible rebound because the chatter on easing became extremely positive after the market closed yesterday and all the global markets are rallying on that," said Phil Davis, chief executive of PSW Investments.

At 10:57 a.m. ET (1557 GMT), the Dow Jones industrial average was up 168.43 points, or 0.99 percent, at 17,163.56, the S&P 500 was up 21.94 points, or 1.1 percent, at 2,011.51 and the Nasdaq Composite was up 58.34 points, or 1.25 percent, at 4,720.50.   Continuación...